American Building Control Chairman's Open Letter to Shareholders.Business Editors LEWISVILLE, Texas--(BUSINESS WIRE)--March 13, 2003 American Building Control today issued the following open letter to shareholders: Dear American Building Control (formerly Ultrak) Stockholders: The sale of our closed circuit television business to Honeywell was concluded on December 20, 2002. American Building Control, Inc. ("ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. ") is our new corporate name and we are trading under the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on symbol "ABCX". I am pleased to report that your company is sound and moving forward in a positive direction. We have paid off all of our debt and have $10 million in cash, with an additional $5 million expected to be received over the next 18 months. Mr. Zenger has resigned as an officer, a director and an employee. We have elected four new independent directors that are very experienced and we expect to add one more independent director in the near future. ABC is well positioned to participate in the global electronic security market using Internet technology and currently serves the following markets: Access Control: MDI (1) (Multiple Document Interface) A Windows function that allows an application to display and lets the user work with more than one document at the same time. Security Systems is a leading global provider of integrated Access Control security systems to large scale government and commercial customers. For more information go to www.mdisecure.com. Consumer Retail: Security and More provides a complete range of "Do it Yourself" security systems to small business through consumer retail stores and direct marketing. For more information go to www.SecurityandMore.com. Industrial Video: Industrial Vision Source ("IVS ivs - INRIA Videoconferencing System. A video-conferencing tool for the Internet based on the H.261 video compression standard. http://zenon.inria.fr:8003/rodeo/personnel/Thierry.Turletti/ivs.html. ") is a distributor of industrial machine vision components. IVS distributes cameras, lenses, monitors, cables, and accessories from manufacturers such as Sony, Hitachi, Panasonic, Toshiba, Pulnix, Tamron, Pentax, Fujinon, and Navitar. For more information go to www.i-v-s.com. Mobile Video Products ("MVP (Multimedia Video Processor) A high-speed DSP chip from Texas Instruments, introduced in 1994. Officially introduced as the TMS320C80, it combines RISC technology with the functionality of four DSPs on one chip. ") is a manufacturer of video and audio recording systems for the school bus market. More information about MVP can be found at www.mobilevideo.com. Alarm Management Software: ABM ABM: see guided missile. ABM - Asynchronous Balanced Mode Data Systems designs, develops, markets, installs and supports computerized software systems for the Commercial and Proprietary Central Station security market. Their product information can be found at www.abmdata.com. The ABC family  The novelty of research or terms used in this article is disputed.In a Board meeting held on March 12, 2003, Mr. John Macaulay John Macaulay may refer to
was elected to serve on our Board. He will be the "financial expert" and the Chairman of the Audit Committee. The Board also approved the repurchase of up to $200,000 of the Company's common stock, because the Company believes that our shares are currently undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. . We appreciate your continued support of American Building Control and our vision to be a leader in the global electronic security market. Sincerely, AMERICAN BUILDING CONTROL, INC. Bryan C. Tate Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. About American Building Control Inc. With headquarters located in the Dallas suburb of Lewisville, Texas, American Building Control Inc. (formerly Ultrak, Inc.) is a global leading provider of access control, consumer/do-it-yourself, industrial video product, mobile video-product, and alarm-management products as well as services. For more information on American Building Control please call (800) 221-7225. Forward-Looking and Cautionary Statements Except for the historical information and discussions contained herein, certain statements included in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in the company's filings with the Securities and Exchange Commission. |
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